I think the best choice for accomplishing this and preserving the content and enrollments in the current course is to change its Term.
Forgive me if you already know all of this:smileysilly: After all, this is the Admin Group.
When you set up Canvas, you create/define Terms, and course shells and enrollments are associated with those Terms. Admins can define as many terms as they want including Terms like "Continuous Enrollment" (I typically use this for professional development courses), "Masters", "Practice Courses" etc. besides the typical Spring 2016 kind of thing. You could create a special term called "Semesters 1 & 2 2016" for example, then change the two-semester course to that term. By taking this route, your school could also use this term for any other two-semester courses being offered at the same time; and then, be able to take advantage of any data associated with that new special term.
You can learn more @How do I set up term dates effectively in an account? and @What do I do if a course extends for more than one term?
I hope this helps.
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